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Thema Geldpolitik

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508 Ergebnisse, ab 391
  • Diskussionspapiere 1654 / 2017

    The Cost Channel Effect of Monetary Transmission: How Effective Is the ECB’s Low Interest Rate Policy for Increasing Inflation?

    We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential passthrough of changes in the monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second, we conduct time series analyses for ...

    2017| Dorothea Schäfer, Andreas Stephan, Khanh Trung Hoang
  • DIW Roundup 109 / 2017

    The Natural Rate of Interest II: Empirical Overview

    The concept of the natural rate of interest (NRI) dates back to Wicksell (1898) and has since then been highly debated in the economic literature. In practice, estimates of the NRI can be employed as a versatile tool for macroeconomic analysis and are a core element within the popular neo-Wicksellian (or New-Keynesian) framework. The real rate gap, i.e. the difference between the actual interest rate ...

    2017| Dmitry Chervyakov, Philipp König
  • DIW Roundup 108 / 2017

    The Natural Rate of Interest I: Theory

    The term natural (or neutral) real interest rate refers to the equilibrium value of the real interest rate. As this equilibrium is usually conceived as a situation where inflationary or deflationary pressures have abated, the natural real interest rate is a key concept for central banks seeking to stabilize the general price level or targeting the rate of inflation. The present roundup provides a brief ...

    2017| Philipp König, Dmitry Chervyakov
  • Zeitungs- und Blogbeiträge

    Public Assets Down the Drain

    In: Handelsblatt Global Edition (11.01.2017), [Online-Artikel] | Marcel Fratzscher
  • Externe Monographien

    Booms and Busts in Asset Prices: Risk Modeling, Bubble Detection, and the Role of Monetary Policy

    Berlin: FU Berlin, 2017, XLI, 167 S. | Benjamin Beckers
  • DIW aktuell ; 3 / 2017

    Euro für alle: viele Kandidaten erfüllen die Kriterien, es sieht derzeit aber nicht nach einem Beitritt aus

    Am 13. September hielt der Präsident der Europäischen Kommission Jean-Claude Junker eine vielbeachtete Rede zur Lage der Union. Kontrovers diskutiert wurde vor allem ein kurzer Abschnitt, in dem er das Ziel formulierte, der Euro solle die Wäh-rung der gesamten Europäischen Union sein. Auch Bundeskanzlerin Angela Merkel und der französische Staatspräsident Emmanuel Macron teilen diese Position. Doch ...

    2017| Philipp Engler, Malte Rieth
  • Referierte Aufsätze Web of Science

    Spillovers of U.S. Unconventional Monetary Policy to Emerging Markets: The Role of Capital Flows

    We employ a structural global VAR model to analyze whether U.S. unconventional monetary policy shocks, identified through changes in the central bank’s balance sheet, have an impact on financial and economic conditions in emerging market economies (EMEs). Moreover, we study whether international capital flows are an important channel of shock transmission. We find that an expansionary policy shock ...

    In: Journal of International Money and Finance 73 (2017), Part B., S. 275-295 | Pablo Anaya, Michael Hachula, Christian J. Offermanns
  • Zeitungs- und Blogbeiträge

    Statement zur heutigen Sitzung des Rates der Europäischen Zentralbank

    In: BerlinOeconomicus (14.12.2017), [Online-Artikel] | Marcel Fratzscher
  • Referierte Aufsätze Web of Science

    Long-Term Growth Perspectives in Japan and the Euro Area

    Euro area countries and Japan are confronted with similar challenges. Potential output is on a declining trend in the Euro area, and the decrease started well before the financial crisis. In Japan, low-output growth is a striking feature since many years, despite the unconventional monetary policy stance and numerous fiscal stimulus programs provided by the government. According to a growth accounting ...

    In: Asia Europe Journal 15 (2017), 4, S. 363-375 | Christian Dreger
  • DIW Economic Bulletin 49 / 2017

    Early Exit from ECB Bond Purchase Program Could Reduce GDP Growth and Inflation

    The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit ...

    2017| Marius Clemens, Stefan Gebauer, Malte Rieth
508 Ergebnisse, ab 391
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